US Natural Gas Corp. (UNGS: OTC BB) is an independent energy company principally engaged in the acquisition, exploration and development of mature long-lived oil and natural gas properties. The company's current operations are concentrated in the Appalachian Basin within the states of Kentucky and West
Virginia.
The company's natural gas operations are centered in the Butler District of Wayne County, West Virginia, which consists of 115 natural gas wells and 3 producing oil wells. The company maintains approximately 12,000 acres of mineral rights under leasehold and owns 180 acres of mineral rights. Wells are drilled from 2100-5100 feet in total depth and show production from both the Devonian and Marcellus shale formations.
The company's crude operations are centered in the counties of Monroe, Adair, Russell, Green, and Hart in south central Kentucky. US Natural Gas Corp currently has 30 wells under bond of which 14 are in production. Wells are drilled from 500-2100 feet in total depth and produce from the Coniferous, Sunny Brook, Stones River, and Knox formations. The company maintains over 5000 acres of mineral rights leases in these select counties.
Oil and natural gas resources occur throughout much of western Kentucky, south-central, and eastern Kentucky. Early explorers and settlers found many natural oil and gas seeps, as evidenced by place names such as Burning Springs, Salt Fork, and Oil Valley. In 1818, in McCreary County, Martin Beatty contracted with Huling and Zimmerman to drill a well for brine. It produced oil that that was captured in wooden barrels and shipped by barge on Cumberland River. The deepest well in the State, the Exxon No. 1 Duncan in Webster County, was drilled to a depth of 15,200 feet in 1977. Oil is produced from Mississippian-age limestones and sandstones in eastern and western Kentucky and Ordovician-age limestones and dolomites in south-central Kentucky.
For more information, visit: http://www.usnatgascorp.com/
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8017907
Information on $0.25 warrants: there are around 44m stock warrants that are considered issued through the Wilon deal, but only will go into the float at $.25 or higher when they get exercised.
http://www.otcmarkets.com/stock/UNGS/company-info
(PR 09/07/2011) "Now that the installation of the natural gas powered compressor is complete and production has resumed, our field employees can concentrate on increasing the daily production," stated Wayne Anderson, President of US Natural Gas Corp. "We anticipate that we should be able to place three to five additional wells into production in the coming weeks. Our goal remains the same in addressing each of the acquired wells and placing those capable of producing commercially viable natural gas back into production." (http://ih.advfn.com/p.php?pid=nmona&article=49085530)
(PR 08/03/2011) US Natural Gas
Corp (OTCQB: UNGS), an energy exploration company with operations in the Appalachian Basin is pleased to announce that it has acquired an additional oil producing well in the Allen Springs quadrangle of Allen County, Kentucky. The Reynolds No. 1 well, currently under operation by the Company's wholly owned subsidiary and located on this same leasehold, produces on average three quarters to one barrel of oildaily. The Company's projected annual combined production from the two wells is in excess of 500 barrels of oil. (http://ih.advfn.com/p.php?pid=nmona&article=48677986)
(PR 08/02/2011) US Natural Gas Corp (OTCQB: UNGS), an energy exploration companywith operations in the Appalachian Basin is pleased to announce that it has acquired leases totaling approximately 250 acres and three producing natural gas wells in Wayne County, West Virginia. The Company's projected daily combined production from the three wells is on average 60 mcf/day. At current pricing for natural gasof $4.50/mcf, the Company's conservative two year revenue estimate is $200,000.
(07/26/2011) US Natural Gas Corp (OTCQB: UNGS), an energy exploration company with operations in the Appalachian Basin is pleased to announce that it has closed on the acquisition of the Pine Grove Project located in Edmonson County, Kentucky. The Company's projected production from the twenty five wells is on average 22 BOD (barrels of oil per day). At conservative pricing of $70/barrel for oil, the Company'stwo year revenue estimate is $1.1 million from this newly acquired oil field. (http://ih.advfn.com/p.php?pid=nmona&article=48570474)
(PR 07/12/2011) US Natural Gas Corp (OTCQB: UNGS), an energy exploration company with operations in the Appalachian Basin announces that its Annual Meeting of Shareholders originally scheduled for July 15, 2011 will be rescheduled to a later date, likely before the end of September. (http://ih.advfn.com/p.php?pid=nmona&article=48407438)
Our natural gas operations are centered in the Butler District of Wayne County, West Virginia, which consists of 115 natural gas wells and 3 producing oil wells. Our wells are drilled to 2100-5100 feet in total depth and produce from shale formations.
The company maintains approximately 12,000 acres of mineral rights under leasehold and owns 180 acres of mineral rights. Our wells are drilled from 2100-5100 feet in total depth and show production from both the Devonian and Marcellus shale formations.
Wayne County, WVDevonian shales are formed from the mud of shallow seas that existed about 350 million years ago (during the Devonian period of the Paleozoic era). Shale is a very fine-grained sedimentary rock, which is easily breakable into thin, parallel layers. It is a very soft rock, but does not disintegrate when it becomes wet. These shales can contain natural gas, usually when two thick, black shale deposits 'sandwich' a thinner area of shale. Because of some of the properties of these shales, the extraction of natural gas from shale formations is more difficult (and thus expensive!) than extraction of conventional natural gas. Most of the natural gas containing Devonian shale in the U.S. is located around the Appalachian Basin. Although estimates of the amount of natural gas contained in these shales are high, it is expected that only about 10 percent of the gas is recoverable. However, their potential as a natural gas supply is still very promising, given an adequate technological and economic environment. The EIA estimates that there are 55.42 Tcf of technically recoverable shale gas in the United States, representing just under 5 percent of total recoverable resources.
The Marcellus Shale, also referred to as the Marcellus Formation, is a Middle Devonian-age black, low density, carbonaceous (organic rich) shale that occurs in the subsurface beneath much of Ohio, West Virginia, Pennsylvania and New York. Small areas of Maryland, Kentucky, Tennessee, and Virginia are also underlain by the Marcellus Shale.
Rock units are not homogeneous. The gas in the Marcellus Shale is a result of its contained organic content. Logic therefore suggests that the more organic material there is contained in the rock the greater its ability to yield gas. John Harper of the Pennsylvania Geological Survey suggests that the areas with the greatest production potential might be where the net thickness of organic-rich shale within the Marcellus Formation is greatest.
The presence of an enormous volume of potentially recoverable gas in the eastern United States has a great economic significance. This will be some of the closest natural gas to the high population areas of New Jersey, New York and New England. This transportation advantage will give Marcellus gas a distinct advantage in the marketplace.
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Our crude operations are centered in the counties of Monroe, Adair, Russell, Green, and Hart in south central Kentucky. We currently have 30 wells under bond of which 14 are in production. Our wells are drilled from 500-2100 feet in total depth and produce from the Coniferous, Sunny Brook, Stones River, and Knox formations. The Company maintains over 5000 acres of mineral rights leases in these select counties.
Oil and natural gas resources occur throughout much of western Kentucky, south-central, and eastern Kentucky. Early explorers and settlers found many natural oil and gas seeps, as evidenced by place names such as Burning Springs, Salt Fork, and Oil Valley. In 1818, in McCreary County, Martin Beatty contracted with Huling and Zimmerman to drill a well for brine. It produced oil that that was captured in wooden barrels and shipped by barge on Cumberland River. The deepest well in the State, the Exxon No. 1 Duncan in Webster County, was drilled to a depth of 15,200 feet in 1977. Oil is produced from Mississippian-age limestones and sandstones in eastern and western Kentucky and Ordovician-age limestones and dolomites in south-central Kentucky.
Wayne Anderson is acting President and Chairman of the Board of US Natural Gas Corp and has served in the capacity since the Company's inception. Prior to founding the Company, Mr. Anderson served as the Managing Member and co-founder of Around the Clock Trading and Capital Management, LLC, an investment management company and the General Partner of Around the Clock Partners, LP. Through Around the Clock Partners, LP, Mr. Anderson made significant key investments within the natural resources sector. Mr. Anderson has been a vital source in negotiating and executing financing transactions for several small to mid-sized companies. Mr. Anderson completed his undergraduate education at the University of Georgia and received his Doctorate degree from Temple University.
Jim Anderson is the acting Vice President and serves as a Director. Mr. Anderson has been involved in commercial and residential real estate for more than 35 years. Mr. Anderson brings a diversified business background in mergers and acquisitions, site selection, project planning and business strategy. Prior to Mr. Anderson's commercial and residential real estate career, he worked at Ashland Oil for 12 years. While at Ashland Oil, Mr. Anderson was in charge of leaseholds, land acquisitions, and site selection. Mr. Anderson completed select undergraduate studies at Middle Georgia College.
Chief Financial Officer
Chuck Kretchman has served as the Company's internal accounting officer since February of 2010. Mr. Kretchman has over 20 years of professional accounting experience with various public and private companies. He has expertise in accounting, securities and regulatory standards for publicly traded companies including U.S. GAAP. From 1993 to 2009, Chuck served as the Controller for Suncoast Roofers Supply whose annual sales exceeded $200 million. Prior to this, Chuck served as an Audit Supervisor for Gregory, Sharer & Stuart, CPA from 1987 to 1993. Mr. Kretchman received his Bachelor of Science degree in Business Administration from Florida Southern College.
Shannon Bell has served as the executive assistant for the Company since December 2009. As the executive assistant, Ms. Bell provides general administrative support for the President and overall administrative management for the office. In 2008, Ms. Bell served as an assistant for a regional medical office. Immediately prior, she served as office management for a high end retailer in Orlando, Florida. Ms. Bell completed select undergraduate studies at Caldwell Community College in North Carolina.
